The
Health Data Marketplace
Analytics is the
systematic use of data and related business insights developed through various
analytical models such as statistical, cognitive, contextual, predictive,
quantitative and other emerging models to initiate fact based decision making
for planning, measurement, management and learning. These analytics may be
predictive, descriptive, and prescriptive. Analytics can improve effectiveness
and efficiency. From managing small issues to larger processes, these analytics
can aid assessment and discovery of innovative insights, which ultimately help
design and plan policy, improve service delivery operations, enhance
sustainability, mitigate risk and evaluating critical organizational data.
TBRC’s report covers
the healthcare analytics market share, order the report at
Healthcare Data Analytics Market Size
The global healthcare analytics market was
valued at about $9,000 million in 2016 and is expected to reach nearly $3400
million by 2021. This growth can be attributed to factors such as increasing availability of big data in healthcare industry,
government mandated policies, technological advancements and other such factors mentioned
in TBRC’s latest report.
In general, the global
healthcare industry is lagging behind retail, finance, banking and other
sectors when it comes to innovating and adopting newer technologies such as the
use of new data analysis setups that improve overall business performance.
In recent times, however, the
use of data analytics in healthcare systems to derive meaningful insights and
to gain competitive advantage has increased. There has been an explosion of
data in healthcare and the industry is creating systems which can store the
large volume and variety of data. This is being done by the adoption of data
warehouses and cloud services.
Download sample report at
Technological advances have provided healthcare
organizations with numerous disparate systems from which to obtain information.
From revenue cycle systems and supply chain management to human resource
systems and data warehouses, the volume of available data, and the need to
capture and process it, has gained traction in recent years.
Each innovation claims to simplify a previous process that
supposedly was inefficient or ineffective. Since data volume has grown
exponentially, consolidation within the health care industry has worsened
accessibility and availability problems by creating organizations with multiple
clinical, financial, and revenue cycle systems and as many reporting and
analytic tools. Concurrently, government compliance and coding requirements
have contributed to turning this issue into a “perfect storm” for analytics in
the health care industry.
TBRC’s report includes information on data science
applications in healthcare. The companies included in the report are Cerner Corporation, Oracle Corporation, McKesson
Corporation, IBM Corporation and Truven Health Analytics.
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